CIM Group and Partner Murphy Development Group Welcome First Residents to the Paragon – 500 Unit Apartment Building in Chicago’s South Loop
CHICAGO--CIM Group announced today that residents are moving in at The Paragon, a recently completed 500-unit, 47-story apartment building with 7,500 square feet of ground floor retail space at 1326 S. Michigan Avenue in Chicago. The development team of CIM Group and Murphy Development Group received a Certificate of Occupancy for the first 25 floors of the building. Interior finishing work is being completed for units on the remaining 22 floors which is anticipated to be complete in August.
The Paragon’s distinctive faceted glass-clad exterior is a striking addition to the Chicago skyline rising in the growing South Loop area. The contemporary residences are offered in a variety of floor plans ranging from studios to three-bedroom units, all featuring floor-to-ceiling windows providing sweeping views of Lake Michigan, Grant Park and beyond. Residences feature modern fixtures and finishes, stainless steel kitchen appliances, wood laminate flooring and a smart home experience by IOTAS, which integrates smart switches and outlets, motion and door sensors and smart thermostats by Nest.
Residents can enjoy a variety of on-site amenities including a resort-style pool with cabanas, a top-floor gym, a spacious co-working area and a dog run. The neighborhood offers a mix of outdoor recreation such as the nearby lakefront trail and Grant Park as well as a wide variety of shopping, dining and entertainment. The Paragon is just blocks from a CTA station providing easy public transit connections.
Besides The Paragon, CIM’s other Chicago area assets include Block 37, the 275,000-square-foot, five-level retail center in Chicago’s Loop; Marquee at Block 37, the 38-story, 690-unit residential apartment tower on top of Block 37; Tribune Tower West redevelopment and Tribune Tower East development; Fifteen Fifty on the Park condominiums, 425 Financial Place office complex; 1241 and 1647 N. Milwaukee Avenue; Midway Technology Centre; and 725 S. Wells Data Center.
For leasing information about The Paragon, please visit: www.theparagonchicago.com.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
ABOUT MURPHY DEVELOPMENT GROUP
Murphy Development Group, LLC, generates development opportunities in the multifamily, hospitality and office sectors across the country. Through solid investment strategies and extensive due diligence, the dynamic development team identifies, evaluates and executes projects by combining sound financial modelling, economic analysis and entrepreneurial creativity. Over the last decade, MDG has successfully completed over 2.5 million square feet of new development. Currently, MDG is leading a $1 billion, multi-phase development within the Illinois Medical District, which includes Old Cook County Hospital; developing Michigan State University’s Grand Rapids Innovation Building; and planning the development of two new office towers in downtown Chicago. For more information, visit www.murphydevgroup.com.